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Crypto Apocalypse Near: New ‘Pro KYC’ AIs Can Fool Even the Most Secure Exchanges With Fake ID Documents!

AltcoinsBlockchainCrypto News Kevin Nelson October 11, 2024

A illustration depicting a person sitting at a computer with multiple screens displaying various cryptocurrency exchanges, including Bybit and Revolut. The individual is shown holding an Australian passport with a deepfake image of their face on it, while another screen shows the same AI-generated face in a video format being used to bypass KYC measures. In the background, there are scattered pieces of paper with fingerprints and verification photos, symbolizing the various tools available for creating fake identities.

Just when you thought it was safe to go back into the wild west of cryptocurrency… a new ‘AI-powered deepfake tool’ has emerged, and we can’t even begin to fathom how much more creative (and destructive) these cyber-scoundrels have become. Meet ProKYC, an AI-generated ID document that’s as convincing as it is devious – essentially a digital Swiss Army knife for crypto scammers looking to bypass those pesky Know Your Customer measures on exchanges like Bybit.

Source: cointelegraph

AI deepfake tool on ‘new level’ at bypassing crypto exchange KYC: Report
https://cointelegraph.com/news/ai-deepfake-tool-crypto-exchange-kyc-cato-networks
A new AI-powered deepfake tool called ProKYC that allows nefarious actors to bypass high-level Know Your Customer (KYC) measures on crypto exchanges demonstrates a “new level of sophistication” in crypto fraud, cybersecurity firm Cato Networks said. In an Oct. 9 report, Cato Networks’ chief security strategist Etay Maor said the new AI tool represents a significant step up from the old-fashioned methods cybercriminals used to beat two-factor authentication and KYC. […]

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About the author

Kevin Nelson

Kevin’s foray into cryptocurrency trading was a full-scale disaster. His obsession with chasing trends and leveraging obscure assets led to a catastrophic loss of his entire life savings. Now, Kevin’s articles are a venomous mix of bitter humor and harsh reality checks, exposing the chaotic and treacherous world of crypto trading. His catchphrase: “I went from trading genius to broke fool in record time. Welcome to crypto—where the only thing guaranteed is your financial ruin.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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